Jackson Clarion-Ledger (MS) (07/29/08)
Banks that hand the mortgages of struggling borrowers over to the federal government under the new housing bill will lose less money than they would if the homeowners defaulted and the homes went into foreclosure. Ladenburg Thalmann analyst Richard Bove estimates that mortgage holders could save $16 billion by allowing homeowners to refinance into Federal Housing Administration loans. The Senate has approved the legislation, and President Bush is expected to sign it. "The banks have been pushing it; this is as good a deal as they were going to get," adds John Vogel, professor of real estate at Dartmouth College's Tuck School of Business.
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